11 guilty of massive real estate fraud

Julie C. Nichols General

Washington Examiner – Scott McCabe Eleven people have pleaded guilty to federal fraud charges in a Northern Virginia real estate scheme that bilked millions of dollars from the banking industry. According to charging documents, the defendants were involved in overlapping conspiracies where they would alter the terms of real estate settlements that had been approved by financial institutions so that …

CFPB finalizes Ability-To-Repay amendments

Julie C. Nichols General

HousingWire – Brena Swanson An exception for certain small lenders who want to extend loans with debt-to-income ratios above the 43% qualified-mortgage threshold is just one part of the Consumer Financial Protection Bureau’s finalized Ability-to-Repay Rule (ATR) amendments. The CFPB released the finalized amendments Wednesday to create exceptions for small creditors, community development lenders and housing stabilization programs. "Our Ability-to-Repay …

Yields Rise to Highest Level in Over a Year

Julie C. Nichols General

CNBC – Reuters U.S. Treasury’s yields surged to their highest levels in over a year on Tuesday and long-dated debt was on track for its worst monthly loss in over three years, as stocks gained. The U.S. Treasury auctioned $35 billion of two-year notes at a high yield of 0.283 percent. The bid-to-cover ratio, an indicator of demand, was 3.04. …

Analysis Shows Women's Credit in Better Shape than Men's

Julie C. Nichols General

MBA Newslink – Mike Sorohan A “great debt divide” exists between men and women, a survey from Experian, Costa Mesa, Calif., reported yesterday, with women clearly stretching their dollars and using credit more wisely than men. The Experian analysis of credit scores, average debt, utilization ratios, mortgage amounts and mortgage delinquencies of men and women in the United States showed …

Home sales continue to climb

Julie C. Nichols General

CNNMoney – Chris Isidore Home sales continued to climb in April, according to the latest reading on the housing recovery from an industry trade group. The National Association of Realtors reported home sales edged up 0.6% to an annual pace of just under 5 million homes. Compared to a year ago, the pace of sales was up nearly 10%. The …

The CFPB takes action against real estate kickbacks

Julie C. Nichols General

CFPB Press Release Homebuilder required to turn over profits from kickbacks funneled through sham mortgage companies WASHINGTON, D.C. — The Consumer Financial Protection Bureau today ordered a Texas homebuilder, Paul Taylor, to surrender more than $100,000 he received in kickbacks for referring mortgage origination business to Benchmark Bank and to Willow Bend Mortgage Company. The Bureau is also prohibiting Taylor …

Creating New Markets on Needs–Not Just Traditions

Julie C. Nichols General

MBA NewsLink – Mark Dangelo Replacement of mortgage-backed securities with a new form of security has been on-and-off the industry front burner since 2008. Politicians and officials, from former Treasury Secretary Henry Paulson to Sen. Charles Schumer, D-N.Y., joined ideals and bills sponsored by industry associations, academics, economists and pundits willing to advocate change. Yet, with all the platforms and …

Home values rise 5% for sixth consecutive month

Julie C. Nichols General

MBA Newslink – Mike Sorohan For the sixth straight month, home value appreciation was at or exceeded 5%, according to data from Zillow. More specifically, home values rose in April to $158,300. Home values jumped 5.2% over year ago levels, Zillow ($59.22 0.7601%) reported, reaching their highest level since June 2004. A majority of the 365 metros — 55% to …

Mortgage Rates in U.S. Rise to Highest Level in Six Weeks

Julie C. Nichols General

Bloomberg – Prashant Gopal U.S. mortgage rates rose, pushing borrowing costs for a 30-year loan to the highest in six weeks. The average rate for a 30-year fixed mortgage climbed to 3.51 percent in the week ended today, up from 3.42 percent and the highest since early April, McLean, Virginia-based Freddie Mac (FMCC) said in a statement. The average 15-year …

Buying more beneficial than renting in 64% of metros

Julie C. Nichols General

HousingWire – The Ticker In 64% of metro areas nationwide, buying a home is a better financial decision than renting for residents planning to stay in their home for at least three years, Zillow claims in a new report. The study by Zillow ($57.76 0%) incorporates all possible costs associated with both buying and renting. These include upfront payments, closing …